REIT pays $7 million for Carlstadt warehouses

A Chicago company has paid $7 million for a portfolio of five industrial properties on Barell Avenue in Carlstadt.

Sitex Group, a private real estate investment trust, acquired the 147,718-square-feet of buildings from Bob Purcell and R.J. Purcell Associates Inc. of Hackensack, according to CoStar, which tracks commercial real estate data. The sale closed on April 3.

The warehouse and manufacturing buildings range in size from 23,040 square feet to 39,832 square feet, according to NAI James E. Hanson, which represented Purcell in the deal.

NAI James E. Hanson has also been named the leasing broker for three of the properties. Those are 495 Barell Ave., which has 23,040 square feet available; 482 Barell Ave., which has 35,636 square feet available; and 472 Barell Ave., which has 39,832 square feet available.

The portfolio's occupancy rate is about 34 percent, according to CoStar.

REIT pays $7 million for Carlstadt warehouses

A Chicago company has paid $7 million for a portfolio of five industrial properties on Barell Avenue in Carlstadt.

Sitex Group, a private real estate investment trust, acquired the 147,718-square-feet of buildings from Bob Purcell and R.J. Purcell Associates Inc. of Hackensack, according to CoStar, which tracks commercial real estate data. The sale closed on April 3.

The warehouse and manufacturing buildings range in size from 23,040 square feet to 39,832 square feet, according to NAI James E. Hanson, which represented Purcell in the deal.

NAI James E. Hanson has also been named the leasing broker for three of the properties. Those are 495 Barell Ave., which has 23,040 square feet available; 482 Barell Ave., which has 35,636 square feet available; and 472 Barell Ave., which has 39,832 square feet available.

The portfolio's occupancy rate is about 34 percent, according to CoStar.